The blockchain based Hong Kong Trade Finance Platform will launch in September. The announcement came from the Hong Kong Monetary Authority (HKMA), Standard Chartered, HSBC, and five other banks.
The platform follows a
trade finance proof of concept (PoC) initiated in December 2016 and completed in March last year.
The aim is to digitize documents and automate processes. By having a single version of the truth, a blockchain can help to prevent fraud. Howard Lee, deputy CEO of HKMA said: “The next major milestone of this project is to link up with other trade platforms in other jurisdictions to further facilitate cross-border trades.”
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